Natuzzi Regains Compliance With NYSE Continued Listing Standard for Average Closing Price
July 02 2020 - 9:01AM
Business Wire
Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the “Company”)
announced today that it has regained compliance with the minimum
average closing price criterion required by the New York Stock
Exchange (the “NYSE”) for continued listing of the Company’s
American Depositary Receipts (“ADRs”).
As disclosed on April 25, 2020, the NYSE notified the Company on
April 7, 2020 that the Company was not in compliance with the NYSE
continued listing standard requiring a listed security to maintain
a minimum average closing price of US$1.00 per security over a
consecutive 30-trading day period (the “Dollar Price
Standard”).
On July 1st, 2020, the Company received confirmation from the
NYSE that it has regained compliance with the Dollar Price Standard
as the average closing price of its ADRs for the consecutive
30-trading day period ended June 30, 2020 exceeded US$1.00.
If, in the future, the Company again falls below the continued
listing criterion of a minimum share price of US$1.00 over a
30-trading day period, the Company’s ADRs will be subject to
immediate review by the NYSE.
As previously disclosed, since March 17, 2020 the Company has
not been in compliance with the NYSE continued listing standard set
forth in Section 802.01(b) of the NYSE Listed Company Manual, which
requires the Company to maintain an average global market
capitalization of not less than US$15 million over a consecutive
30-trading day period (the “Capitalization Standard”). In response
to the COVID-19 outbreak, the NYSE suspended the application of the
Capitalization Standard until June 30, 2020. The NYSE may commence
proceedings to delist the Company’s ADRs after 30 trading days from
July 1st, 2020 (i.e., the first trading day following the
expiration of the suspension period of the Capitalization Standard)
if, during any 30-trading day period following the expiration of
the suspension period of the Capitalization Standard, the Company’s
average market capitalization is below US$15 million.
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS
Certain statements included in this press release constitute
forward-looking statements within the meaning of the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements involve risks and uncertainties that could cause the
Company’s actual results to differ materially from those stated or
implied by such forward-looking statements. Additional information
about potential factors that could affect the Company’s business
and financial results is included in the Company’s filings with the
U.S. Securities and Exchange Commission, including the Company’s
most recent Annual Report on Form 20-F. The Company undertakes no
obligation to update any of the forward-looking statements after
the date of this press release.
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy’s
largest furniture house and one of the most important global
players in the furniture industry with an extensive manufacturing
footprint and a global retail network. Natuzzi is the European
lifestyle best-known brand in the upholstered furnishings sector
worldwide (Brand Awareness Monitoring Report - Ipsos 2018) and has
been listed on the New York Stock Exchange since May 13, 1993.
Always committed to social responsibility and environmental
sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified
(Quality and Environment), OHSAS 18001 certified (Safety on the
Workplace) and FSC® certified (Forest Stewardship Council).
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version on businesswire.com: https://www.businesswire.com/news/home/20200702005301/en/
Natuzzi Investor Relations Piero Direnzo | tel.
+39.080.8820.812 | pdirenzo@natuzzi.com
Natuzzi Corporate Communication Vito Basile (Press
Office) | tel. +39.080.8820.676 | vbasile@natuzzi.com
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